22nd Jul 2016 10:23
LONDON (Alliance News) - Mid-cap resources sector investor Riverstone Energy Ltd on Friday said Silver Run Acquisition Corp has agreed to acquire Centennial Resource Production LLC, and Riverstone will participate in the deal.
Earlier this month, Riverstone said it would take part in the acquisition of a majority stake in Centennial, an oil and gas explorer with assets in West Texas. It signed an agreement with other funds affiliated to Riverstone Holdings, the investment firm which runs Riverstone Energy, to buy the stake.
Now, Silver Run has agreed to buy a controlling stake in Centennial and Riverstone Holdings has agreed to assign its right to buy an 89% stake in Centennial to Silver Run. Riverstone Holdings will now participate in the acquisition as an equity holder directly in Silver Run.
Riverstone Energy, meanwhile, will make an investment of up to USD175.0 million in Silver Run.
Shares in Riverstone Energy were down 1.1% to 915.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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